1. Startups

Crowdo Announces Neo Commerce Bank as the Prime Partner of Digital Bank

Banks have access to an AI-powered credit scoring infrastructure and digital onboarding process

Startups fintech Crowdo announces partnership with Neo Commerce Bank (BNC) to increase SME financing. This is Crowdo's first partnership since declaring himself neobank service.

In a joint interview DailySocial, Crowdo Group CEO Reona Shimada explained, in this partnership they offer a comprehensive digital technology and infrastructure for digital banks, which if built themselves would take a long time.

BNC gets access to technology such as an AI-powered credit scoring engine that has been built and trained engine Crowdo for three years. It is claimed with this tool, Crowdo's portfolio performance is up to 70% better than traditional bank loans for SMEs during the pandemic.

In addition, process access digital as a whole and underwriting from end to end, thus supporting the digitalization mission for digital banks. "By marrying these two DNAs, making digital banks more efficient in their business processes, they too can immediately feel the business impact because they get an acquisition channel," said Shimada.

Technically, the process SMEs in obtaining loans are done through the Crowdo platform. If the results of the assessment match the criteria targeted by BNC, then they will be the ones to make the loan. Shimada explained, this approach is different from loan channeling, as banking does with companies p2p loans in general.

“Crowdo is more focused on digital solutions for SMEs, not just financing. SMEs can digitize operations and get financial products.”

The signing of the cooperation between Crowdo and BNC / Crowdo

For monetization, Shimada reluctant to explain in more detail. However, he gave an example, in general, this type of inter-company cooperation uses commission sharing (share fees).

Two other digital banks are expected to be announced by the company this year. Previously disclosed, Crowdo targets to help SMEs digitize transactions supply chain valued at more than IDR 14 trillion and access loans and other financial products.

More Coverage:

Through the Digitization Platform service, it is possible for SMEs to open bank accounts in a simple and fast way, managing everything invoice and digital purchase orders, and request/receive payments.

Meanwhile, for financial products, it consists of three products, namely:paylater (ie Early Payment, Micro Pay Later) and working capital loans. Early Payment or in the industry better known as invoice financing, this loan is intended for prepayment based on invoices issued and purchase orders. Meanwhile, Micro Pay Later for small bills and unexpected payments.

Are you sure to continue this transaction?
Yes
No
processing your transactions....
Transaction Failed
try Again

Sign up for our
newsletter

Subscribe Newsletter
Are you sure to continue this transaction?
Yes
No
processing your transactions....
Transaction Failed
try Again